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Swiss Banks' Pay Is Faulted

BERN, Switzerland -- The head of Switzerland's central bank said the financial industry should stop paying employees bonuses that put short-term results ahead of long-term performance.

The chairman of the Swiss National Bank's governing board, reported Associated Press, said the industry should correct "excesses" in its pay. SNB boss Jean-Pierre Roth said in a speech that financial institutions must improve oversight to avoid the costly mistakes that have hit the country's banks. Switzerland's two largest banks...